The Italian investment in Spain is changing “its sectoral pattern towards more diversified activities,” such as the chemical industry and logistics, according to the III Barometer of Italian Investment in Spain, presented on Monday by the Italian ambassador in Madrid, Giuseppe Buccino.
The energy sector, however, remained in 2025 the main pillar of Italian investment —30.8 billion euros— but also grew “the weight of financial sectors and consolidated leadership in areas such as audiovisual,” the report states.
Ambassador Giuseppe Buccino highlighted during his speech that this investment relationship drives “greater dynamism in strategic sectors” in addition to “contributing to building a more integrated and competitive European space.”
The ambassador provided a figure that gives an idea of the magnitude of the economic relationship between both countries: “Italian investment currently accounts for 0.6% of employment in Spain, which represents more than 126,000 workers.”
Therefore, he emphasized that the data from this Barometer “invites reflection on the depth of our relationship”, which presents figures quite similar to Spanish investments in Italy, whose report was presented in Rome last week, as recalled by the Secretary of State for Trade of the Spanish Government. According to the Secretary of State for Trade, Amparo López Senovilla, these Barometers have a “great value for understanding the Hispano-Italian relationship”.
The presentation also featured the president of the Italian Chamber of Commerce and Industry for Spain, Marco Pizzi, who advocated for further deepening bilateral collaboration, as “no European country can compete alone.”
Pizzi valued that “Spain is a strategic node for the global projection of Italian companies,” among other areas towards Latin America, and was pleased that “with Spain we have moved from competition to complementarity.”
The Barometer prepared by the Italian Chamber of Commerce in Spain describes that 2025 “developed in a context of positive growth,” although conditioned by global uncertainty”. “Trade fragmentation, geopolitical tensions, and the normalization of monetary policy marked an environment in which the Italian and Spanish economies maintained expansion.” It adds that “looking ahead to 2026, a continuation of the moderation cycle with downside risks is expected.”
Regarding the volume of investments, the report indicates that in 2024 there was a slight adjustment of the stock that, however, exceeds 46.7 billion euros, of which 30.8 billion correspond to the energy sector. It also admits that “investment flows are sharply reduced in 2025” —gross FDI falls to 500 million and net to 100 million— due to a more adverse context that drives greater caution. Nevertheless, the investment presence remains “stable and persistent.”
In fact, the majority of Italian companies “consider their presence in Spain strategic and 9 out of 10 do not plan to leave the country”. Moreover, 7 out of 10 expect to increase their turnover and investment in 2026, while 47% have the perspective of creating jobs.
Italian companies only reflect a negative aspect in their opinions about Spain. This concerns political tensions, which 80% see as the “main risk to their business.” However, they rate the business climate very positively (3.3 points out of 5); and the quality of life (3.8 points), which consolidates as the best-rated aspect.
